Arius Pharmaceuticals Inc., BioDelivery Sciences International deal

BDSI is acquiring drug delivery company Arius in a stock deal. BDSI will issue 1.6 million preferred shares that convert into BDSI stock on a one-for-one basis upon FDA approval of Arius' first product or five years from the deal's closing date, whichever comes sooner. Based on BDSI's close of $1.75 on Aug. 10 - before the deal was announced - the preferred shares are valued at $2.9 million. ...